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I'm interested to see what happens with a house on my street that just listed. It's the first house in many months that went on the market because the owners are moving back to where they're from originally, not a short sale or foreclosure.
We bought/moved in 4/2011 and since then I can remember only one home that was a regular sale. Since then there have been close to 10 that were "sad sales" in my subdivision.
It doesnt matter since we just re-financed and are very happy where we're at, but you always like to see property values reach respectable levels and stabilize.
27603
From Garner area, South
79 sales in the last 90 Days
98% of last posted list price
Same disclaimers as upthread.
Mike, would you also mind advising the average # of days that houses in this zip are on the market before sold? Many thanks for the "data" you provide on Raleigh City Data! :-)
LDOM means Days on Market for that MLS #
CDOM means Cumulative Days on Market for the property without a 30 day break. More than one MLS #. May be listings by more than one agent, or withdrawn and re-entered by the current listing agent.
We have 2 homes in our neighborhood that are sitting on the market, both are location problems and both have had price drops. THe other houses have all sold in a few days for close to asking. The homes are selling high $300Ks.
Everything that is sitting unsold in my neighborhood falls into one of these categories-
People trying to get what they paid 4-5 years ago
Divorce/Short Sales that are either priced crazy or look like crap (buy a bale of pine straw already!)
Bad lots
If it is nice and priced properly it's gone. We had a house go up for short sale about $60K behind the 2008 purchase price (low $500s) and it went contingent almost immediately.
Seems to me that most properties (in our price range which is up to 250k) are selling within 5% of the tax value...either 5% below or above, so a 10% spread. I've been watching for several months and this appears to hold very true almost 100% of the time. I'm currently interested in a property, but I thought it was way over priced. I looked at the tax records to get a list of everything that has sold in the last 6 months in that neighborhood and figured out the ratio to tax value. The range was 97%-105% for about 20 houses.
Everything that is sitting unsold in my neighborhood falls into one of these categories-
People trying to get what they paid 4-5 years ago
Divorce/Short Sales that are either priced crazy or look like crap (buy a bale of pine straw already!)
Bad lots
If it is nice and priced properly it's gone. We had a house go up for short sale about $60K behind the 2008 purchase price (low $500s) and it went contingent almost immediately.
I would think it all comes down to what it's listed at... bad lot or not, if people think it's a deal they'll probably buy it--no?
Is it true that sellers are getting 95% of asking price? Thinking of buying a home but its sitting on the market for the same price for 5 months. I really like the house but.... I just took a 100,000 loss on my current home and I don't want to get hit again. They had an offer that fell through but I think any home on the market for that long means its not priced right. What do you think?
Ever think that even though the house has been listed for 5 months, 2+ of those it was under contract and not being shown? Happened to us, and we kept our house the same price after our deal fell through.
Wanted to add our deal was for very close to listing price, and the buyer had no problem with the bank appraisal. Our buyers problem was he needed to get his credit score up another 20 points, but failed to do so.
Last edited by dave in jersey; 10-16-2012 at 12:59 PM..
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